Nifty Weekly Expiry: Call Writers Retain Edge as PCR Improves to 0.67

The Nifty 50 remained under pressure during the afternoon session on September 8, 2026, as selling continued on the weekly expiry day.

At around 12:50 PM, the index was trading at 23,656.75, down 122.40 points or 0.51%. Nifty had opened at 23,743.10, moved to an intraday high of 23,758.95 and later slipped to a low of 23,637.75.

The weakness follows Monday's decline, when the index closed at 23,779.15, lower by 0.50%. In the morning session on Tuesday, Nifty was trading near 23,671.55 at around 10:00 AM. By early afternoon, the index had moved slightly lower, showing that buying interest remained limited through the first half of the session.

PCR Improves From Morning Levels

The put-call ratio rose to 0.67 from 0.61 in the morning.

A reading below 1 means Call open interest is higher than Put open interest. The rise in the ratio therefore indicates that Put-side activity increased during the session, but the broader positioning continues to remain Call-heavy.

This change suggests that traders have added some protection at lower strikes as the index weakened. However, the improvement is still modest and does not indicate a clear shift in favour of Put writers.

Key Options Positioning

The afternoon options data shows the following concentration of open interest: The table highlights a clear change from the morning session. While Call positions remain concentrated above the prevailing market price, the Put side has shifted lower as traders adjusted to the decline in the index.

Call Writing Moves Closer to the Market

Fresh Call additions are now concentrated at 23,700 and 23,750, while the highest overall Call open interest remains at 23,700 and 23,800. This shows that sellers are becoming active closer to the prevailing index level.

The build-up around these strikes could restrict any immediate recovery. Nifty would first need to move above 23,700, while the 23,750–23,800 zone may act as the next hurdle if buying strengthens.

Put Writers Adjust Support Lower

The more notable change in the afternoon is visible on the Put side. The highest Put open interest has shifted to 23,600 and 23,650, with fresh additions also concentrated at 23,650 and 23,600.

This suggests that traders have lowered their immediate support expectations as Nifty weakened through the session. With the index touching an intraday low of 23,637.75, the 23,600–23,650 zone has become important for the remainder of the expiry session.

A sustained move below 23,600 could lead to Put unwinding and increase downside pressure.

Maximum Pain Remains Unchanged

The maximum pain level remains at 23,700.

Maximum pain refers to the strike where the combined payout to option buyers would be the lowest based on the outstanding open interest at that point in time. It is commonly tracked on expiry days as a reference level, though the index does not necessarily settle near it.

The fact that this level has remained unchanged even after the index moved lower suggests that the broader open interest structure has not shifted enough to change the central expiry strike.

What the Afternoon Setup Indicates

The derivatives structure remains cautious.

The improvement in PCR shows that some Put-side positioning has emerged, but Call writers continue to hold the stronger hand. At the same time, the downward shift in Put activity indicates that traders have become more conservative about where support may hold.

For the rest of the session, the market is likely to remain sensitive to changes in open interest rather than price movement alone. A reduction in Call positions could make room for a recovery, while Put unwinding may increase downside pressure.
The final hours of expiry can also see sharper moves as traders square off positions or shift exposure to later contracts.

Conclusion

Nifty remained weak through the afternoon session, trading at 23,656.75, down 0.51%, after slipping to an intraday low of 23,637.75.

The PCR improved to 0.67 from 0.61 in the morning, but Call positioning continues to outweigh Put positioning. Maximum pain remains at 23,700, while the options structure points to support around 23,600–23,650 and resistance in the 23,700–23,800 zone.

For the final hours of expiry, a move below 23,600 could increase downside pressure, while a recovery above 23,700 would be needed for the short-term setup to improve.